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1, MediaTek to carry DOCOMO development chip test success;
According to Taiwan's Economic Daily reported that MediaTek last year to work together with Japan's NTT DOCOMO 5G communication technology, the results of cooperation between the two sides this year, DOCOMO announced the use of DOCOMO 'non-orthogonal multi-access (NOMA) wireless access, As well as MediaTek Multiuser Interference Cancellation (MUIC) and other technologies, has developed a chipset, performance than existing 4G LTE upgrade 2 to 3 times, successfully reached 5G test.
It is understood that DOCOMO and MediaTek technology integration, allowing multiple signals at the base station transmitter, the user terminal equipment to enhance signal processing performance, and to eliminate the interference of multiple user signals.
In the 5G test, three smart device-equipped devices with relevant chips were placed in different locations to receive data sent by the same base station simultaneously. After signal adjustment, each device successfully eliminated other interference signals and received only The expected data is 2.3 times more spectrally efficient than single-user multiple-input multiple-output (MIMO).
According to a blueprint developed by MediaTek in the past year with NTT DOCOMO, both parties will develop new air interface and chip solutions for 5G networks to increase spectrum efficiency and increase data capacity. In conjunction with MediaTek in 2017, indoor and outdoor At the same time, the transmission test will be conducted and a new wireless interface and chip will be launched starting in 2018. DOCOMO plans to deploy the 5G network by 2020 and put it into operation.
In fact, MediaTek segment of 5G layout information this year, in September has announced the completion of Huawei 5G New Radio Interoperability and Docking Test (IODT), became the first cell phone with a size antenna, and communications equipment manufacturers to complete the docking test chip manufacturers .
However, MediaTek consolidated revenue in October fell 5.29% on month to reach 21.012 billion yuan (same as), a year-on-year decrease of 11.74%, accumulative total of October before the combined revenue of 198.825 billion yuan, an annual reduction of 13.80%, the fourth quarter , MediaTek estimates that the fourth quarter consolidated revenue of about 592-643 billion yuan, down 7% quarter to quarter increase of 1%, gross margin fell 36% positive and negative 1.5% in the fourth quarter of mobile computing platform mobile phone and tablet chip out 1.1-1.2 million goods.
Due to Broadcom proposed to spend more than 100 billion US dollars intentionally Qualcomm mergers, if the deal comes true, will be the largest acquisition in the history of science and technology, the market value will become 200 billion US dollars of ultra-large wireless chip maker, second only to Samsung and Intel. MediaTek will also put pressure on the same IC design, and MediaTek shares also fell weak yesterday, the lowest in early trading to 323 yuan, down more than 2%.
2, Zhang Zhong Mou already pointed out: Samsung is the biggest challenge of TSMC;
In addition to TSMC chairman Zhang Zhongmou has long considered Samsung as the biggest challenge for TSMC, the International Semiconductor Industry Association (SEMI) predicts that South Korea's semiconductor capital expenditures will maintain a high growth next year. The industry believes that next year, South Korea Semiconductor The trend of surpassing the value of output in Taiwan should not change.
Zhang Zhongmou has announced that it will formally pay off his hand after the shareholders' meeting in June next year. He recently said in a media interview that TSMC had a bigger challenge from its competitors than the market in the years after his retirement, and that his rival was not Refers to the positive layout of the semiconductor industry in mainland China, but already in the semiconductor space has a place in South Korea's Samsung.
Zhang Zhongmou that a lot of investment and access to leading technology, but the need for real accumulated experience, so he is cautious about Samsung's advanced manufacturing process.
South Korea's semiconductor industry this year, higher output levels, in contrast to the capital expenditures of the semiconductor industry in various countries, South Korea's semiconductor industry indeed in the next two years will maintain a high growth state.
SEMI has released the "Global Fab Forecast Report" pointed out that this year the global wafer fab equipment spending reached 55 billion US dollars, the annual increase rate approaching 40%, a new high, the biggest promoter is South Korea, in one fell swoop from last year's 8.5 billion US dollars, Growing to 19.5 billion U.S. dollars this year, the annual growth rate is as high as 130%.
And next year not only Korea will remain the strongest global wafer equipment spending area, of which Samsung will invest more in the industry's largest wafer equipment spending in the next two years.
3, full speed hurry iPhone X ... Hon Hai iPhone 8 + OEM single shift Wei Chong;
Corporate circles came out, Apple is trying to attack large-size mobile phone business opportunities, intended to instruct Hon Hai to rush to work on iPhone X, to meet the huge market demand, and part of the iPhone 8 Plus orders for Wistron.
Wistron iPhone 8 Plus OEM orders and thus enhance the atmosphere Bacheng, accounting for all iPhone 8 Plus OEM from the original 4% to 10-18%. Apple will take this two large-size models, a comprehensive attack smart machine market.
In response to changes in capacity, although Hon Hai, Wistron has not comment on a single customer.It is reported that due to the iPhone X selling, resulting in Hon Hai will be part of both iPhone 8 Plus production capacity into iPhone X, in response to market demand, but iPhone 8 Plus sales were also better than expected, so Apple instructed Wistron to take over the remaining capacity of Hon Hai to "double arrow" to meet the market demand.
According to the latest report from KGI Consultant GUO Ming-ying, the iPhone 8 is expected to reduce its production volume by half to half due to the lack of selling point and many users' choice of iPhone 8 Plus or iPhone X because of the limited price difference. However, Phone 8Plus and iPhone X both grew. Among them, the iPhone 8 Plus will gradually replace the iPhone 8, which will help Honjo, a foundry, gain revenue growth.
Kwok Ming-kuei believes that Wistron's iPhone 8 Plus shipments in the first quarter of next year are expected to significantly increase by as much as 80%, while the growth momentum of some key component suppliers is expected to be better than expected. As for the iPhone 8's main foundries Heshuo's capacity utilization may decline, but still positive for Horst in the second half of next year's growth momentum, because next year, Apple's mobile phone orders are expected to be more diverse, as well as the production of new iPhone selling more than the iPhone 8. In addition, the market began to ruminate after last week's investor conference where Apple ordered Hon Hai to ramp up production, notably boosting iPhone X production weekly, which Hon Hai will play a key role in. Apple Chief Executive Cook earlier pointed out , iPhone X orders quite strong, both in Apple direct purchase or access are so, in cooperation with partners and suppliers, is increasing weekly production, the target as soon as possible so that consumers get the phone.
By Apple's financial forecasting goals, the official website of direct purchase data, the market estimates, Hon Hai Group surge in iPhone X capacity estimates will be 14.2% to 20% higher than previously expected, this season's target output of about 35 million, the next quarter target More than 40 million, to take full advantage of customer needs
4, Taiwan mask 255.2 million Taiwan dollars to acquire Merrill Lynch;
In view of the fierce competition in semiconductor mask market, Taiwan Mask has decided to acquire 100% equity of Merrill Lynch Technology Co., Ltd. to enter the proxy business market such as wafer foundry and packaging test, etc. Although it will take time for both parties to open up the market after the merger However, according to the prospect of more than 10 fabs coming into mass production in mainland China next year, the demand for semiconductor photomasks will greatly increase and the operation of photomasks will be substantially improved. The profitable performance is expected to rise strongly.
Taiwan mask due to the burden of depreciation of the industry to switch to investment contact lens factory Yu Jia technology operation improved in the second quarter has fallen from profit to loss for the sixth consecutive quarter ended the third quarter of operation mask business into the peak season, NT $ 328 million, up 5.5% from the second quarter and up 8.3% from the same period of last year. The legal person is expected to maintain its profitability.
Taiwan mask this year, re-election of directors of the board of directors by Bo Wuwei, chairman of board chairman Powell, the board of directors has recently decided to 253 million yuan of funds to acquire the entire share capital of Merrill Lynch. Merrill mainly foundry agents It cooperates with world-class advanced foundries, Dongbu Hitek, and Semiconductor Manufacturing Foundry of SMIC. The industry believes that the mask is expected to penetrate the foundry supply chain in Korea and the mainland, which will have positive impact on operational improvements.
In a few days ago, Wu Guojing said in the law conference that in the future, there will be 40 foundries in mainland China set up one after another, optimistic about the market to expand business opportunities. In addition to the original mask production service in Taiwan, the deep relationship with foundries , Coupled with the acquisition of the United States Paul, can provide customers with a full range of agency services such as foundry and packaging testing, hoping to return to the past glory of Taiwan mask.
Taiwan mask acquisition Merrill main reason is to win the huge semiconductor mask business opportunities in mainland China In fact, there are currently more than 10 12-inch wafer fab in the Mainland under construction, the mask is an important and important process, but The semiconductor factory in mainland China has almost no self-developed mask service for customers. At present, only the micro-mask mask manufacturer in mainland China is the only one in mainland China.
Legal person said that Taiwan mask over the years with TSMC and UMC, the mask technology is no problem with the mainland wafer fab capacity continued to enter mass production next year, the demand for the mask foundry is very strong, which has become Taiwan mask A major opportunity, and after the merger Merlot, you can complete the integration of the industrial chain, transformation efficiency will gradually appear next year.
5, memory output decreased, Taiwan's semiconductor output value for the first time in 2017 behind South Korea;
According to a study by Industrial Technology and IT Research Center (IEK), the semiconductor market in the world has reached the level of memory growth Driven by more than 60%, exceeded US $ 400 billion for the first time, representing a growth of nearly 20% over 2016. This makes South Korea, which currently has an absolute advantage in the memory market, surpassing Taiwan in 2017 and ranks second only to Taiwan United States.
IEI held a seminar on Looking Up at 2018 Industry Trends in the morning of the 7th. Pengmao Rong, research manager of the semiconductor industry, said that in 2017 the global economic growth will rise and the storage price soars, driving the world's semiconductor output to nearly 500 billion U.S. dollars Off, the growth rate of nearly 2 percent.If the memory items deducted about about 9% growth rate, you can see the memory of 2017 on the overall semiconductor market, how much contribution to the contribution of the market value.
However, it is a pity that Taiwan's contribution to the growth of memory output has been modest, as the surge in memory prices and the high market share of South Korea, dominated by Samsung and SK Hynix's two memory suppliers, , South Korea's semiconductor output will surpass Taiwan in 2017. Taiwan, meanwhile, is the first memory storage plant in China to be merged by Micron, affecting the reduction in memory output, reducing the overall semiconductor output growth in 2017 and falling behind South Korea for the first time The third largest, the proportion also from 18.1% in 2016, reduced to 16.3% in 2017.
Peng Maorong further said that the merger of Taiwan with Huachen by Micron, the recession of the IC design industry as a whole, and the slight growth of the foundry industry are the main factors affecting the overall output value of the semiconductor industry. US dollar-denominated, Taiwan's semiconductor output in 2017 was 80.5 billion yuan, 88.6 billion yuan behind South Korea, while the United States is still the world's leading semiconductor output value of 216.6 billion yuan.
6, Qualcomm assessed Broadcom 130 billion US dollars behind the offer, the global semiconductor industry hot;
Set a micro-channel news, the rumor is not groundless, the global semiconductor industry or mergers and acquisitions peak again yesterday, Broadcom officially announced the acquisition proposal to Qualcomm, the total transaction value of 130 billion US dollars, including Broadcom transactions are willing to continue to spend Qualcomm spent 38 billion acquisition of Grace Pu Semiconductor semiconductor transactions.
In response, Qualcomm responded that "the proposal is being evaluated to seek action that best fits the interests of Qualcomm shareholders."
'Crisis' Qualcomm will compromise?
In the face of Broadcom's offer, Qualcomm slightly passive Qualcomm said the company has received the company's initiative to submit the non-binding takeover offer Qualcomm Board of Directors in consultation with its financial and legal advisers will evaluate the proposal Qualcomm said, No further comments will be made until the board's assessment is over.It is well-known that QUALCOMM is profitable in the 3G / 4G era by having a large number of core IPs as the standard bespoke and acquiring the business model of the entire royalty , But with the advent of the 5G era, the advantages of Qualcomm are being weakened. Qualcomm's business model has also encountered serious challenges. In many markets, antitrust lawsuits are constantly being sued. At present, the lawsuit between Apple and Qualcomm has not yet ended.
Qualcomm think tank senior analyst believes that the era of high ventilation most powerful is over, now, as the profitability of Qualcomm much worse.On November 2, Qualcomm released the company as of September 24, 2017 fiscal year Fourth quarter and full fiscal year earnings.Export reports, Qualcomm fourth-quarter revenue of 59 billion US dollars, down 6.2% over the same period the previous year fell 5%; net profit of 200 million US dollars, a year earlier 9 Hundreds of millions of dollars fell 89%.
Although Qualcomm has certain advantages in 5G and other communications technologies, Qualcomm has 5G business window with two years, but also face the competition of Intel, MediaTek, Huawei Haas and other manufacturers, when the 3 / 4G era glory Can continue or unknown.
In such a state will sell itself to Broadcom, may be able to integrate new markets, after all, the acquisition represents the will of the majority of shareholders or capital, and ultimately the possibility of success.Golton further said the Qualcomm board of directors and management Has continued to implement its strategy to enable companies to focus on investing in opportunities that will extend their leadership in the mobile space to new areas while maintaining financial soundness and a good return on capital program.Although Qualcomm is currently in constant technical product Extended to other areas, but the actual core revenue is the mobile terminal market.
In fact, Qualcomm said it is evaluating Broadcom's acquisition offer, but according to sources in the UK, Broadcom plans to acquire Qualcomm for several months and is expected to have contacted Qualcomm on the acquisition, Financial Times "reported that Qualcomm intends to once again reject the offer of 130 billion US dollars (total transaction value) Qualcomm believes that the price of 70 US dollars per share underestimated its value below the board of directors will seriously consider the sale of the bid. Concerns Regulators will not approve the deal because the deal will put Broadcom in the mobile phone parts market too high an impact.
On Monday, November 6, Qualcomm shares closed up 1.1% at $ 62.52, while Qualcomm once topped $ 80 in 2014 and exceeded $ 70 in December 2016. Due to a patent dispute, Qualcomm's share price has dropped from early this year It has fallen by 16% now.
Sources pointed out that Broadcom announced the acquisition of Qualcomm's news, the purpose is to get the support of Qualcomm shareholders.Com and its consulting firm preparing warrant, if Qualcomm rejected its 130 billion US dollars (total transaction value) of the tender offer, Broadcom will work directly with shareholders, according to sources familiar with the matter, and Broadcom, the chief executive under the leadership of chief executive Hock Tan, will not bid for Qualcomm unless it is prepared to do so.
'Snake swallow like' reverie
Today's Broadcom is in fact the acquisition of the original Broadcom, but also retains the name of the chip company Avago (Avago). By the end of May 2015, Singapore Anwar Hi-Tech announced the acquisition of 37 billion US dollars "snake swallow as" chip manufacturing Broadcom, became one of the largest semiconductor acquisitions of the time, trader is exactly Hock Tan. After the acquisition of Broadcom and the establishment of the new Broadcom, Hurrican Avago also joined the combined company, And as CEO Hock Tan to the original emphasis on technology research and development, strong engineering culture and a 'UCLA school-run factory, said the Broadcom transformation of everything into the market and revenue line, Broadcom mobile phone SoC business after the complete failure of the decline Came out.Let Broadcom in the field of RF SoC accumulation and Avago high in the field of RF front-end devices a good combination of advantages, New Broadcom began to achieve good earnings and the rapid rise of the stock.
However, a lot of people are skeptical about whether Broadcom can once again do the same thing. After all, Broadcom's $ 6 billion acquisition of Brocade was not approved yet, Month announced, some analysts believe that this involves political factors.
Recently, US President Trump and Broadcom Hock Tan announced at the White House Broadcom headquarters will be moved back to the United States. Broadcom operations headquarters has been located in San Jose, California, but two years ago because of tax registration will be moved to Singapore. Trump is using low Tax policy drove Broadcom back to the United States Broadcom CEO Hock Tan said at the time that the passage of the Republican tax reform plan was one of the reasons the company decided to relocate its headquarters back to the United States.
Jim Cramer, a well-known CNBC commentator, is also not optimistic about the merger, and he thinks the odds seem very slim, and Broadcom proposed the heavyweight part of the plan to buy Qualcomm, largely because it was In a hostile rivalry, which is rare in the general tech acquisitions, Broadcom, the largest supplier of components for the Apple phone, may not be able to see the deal closed. Qualcomm's share price has been stalled for a patent dispute between Qualcomm and Apple, whose board knows that the value of a company's stock is higher than its current share price and that they will not consider moving the company over.
Of course, even under the influence of the capital market, Qualcomm's board of directors agreed to the acquisition, Broadcom and Qualcomm to achieve a smooth merger is not easy, because it needs to consider whether monopoly, the national government will approve the issue.China Alliance Secretary-General Wang Yanhui mobile phone, Many people think Broadcom's biggest obstacle to the acquisition of Qualcomm will be the United States, the European Union and China's antitrust investigation, in fact, this is a matter of concern, because the acquisition of the United States did not do any harm, although Broadcom acquired Qualcomm, the two companies almost monopolized the mobile phone chip However, there are not many overlapping businesses in areas other than wifi. If the United States agrees to takeover, the probability of opposition from the EU and China will not be large. This has not happened in history.
Perhaps as Broadcom CEO Hock Tan said, innovation in the semiconductor industry is slowing down, the acquisition may be the biggest source of growth for the company even if Broadcom acquired Qualcomm, I believe the future will continue to mergers and acquisitions over the past few years astronomical M & A has proved this point. If the impact on the development of China's semiconductor industry continues to deserve study, although the IC industry in China has developed rapidly in the past few years, its voice in the industry is still too small to reach the position that can affect the rules. Including the strength of the more and more Huawei Hass on the same stage.
There is no doubt that Wall Street is also closely watching how the deal will progress, and Montreal Bank analyst Tim Long said the Broadcom management commented that 'I believe our common global client will support the merger.' This means Broadcom may have discussed the deal with large OEMs such as Apple and Samsung.
T. Michael Walkley, an investment bank analyst with Canada, believes that this combination can create shareholder value through scale-up, synergies, etc. In addition, Broadcom may be expected to resolve more quickly given Broadcom's strong relationship with Apple Qualcomm and Apple disputes in the future, Qualcomm and Broadcom in the merger is expected to change as the market to 5G, accelerate revenue and earnings growth.
Mijel Bank analyst Vijay Rakesh said Broadcom may be fancy Qualcomm technology licensing department, given the high leverage required for the transaction, Broadcom may spin off or sell Qualcomm's mobile phone chip division to Lower leverage, and in our opinion, Broadcom needs to retain Qualcomm's cash cow technology licensing division in order to acquire Qualcomm, while retaining the chip division or selling it to other chip makers.
John Vinh, a Capital Markets analyst at KGB, is optimistic about the acquisition, saying that earnings per share will be immediately boosted because it will result in complementary handset products and cost synergies, and we estimate that Qualcomm / Grace Pu will make earnings per share increase of more than 13 US dollars, so that the three companies total earnings per share reached 32 US dollars, a fair valuation of 465 US dollars per share.
Amit Daryanani, an RBC capital markets analyst, underlined that Broadcom is one of the most experienced acquirers, and therefore they took the initiative to make the acquisition showing that they saw the deal on its positive side. Believes that this transaction is in line with Broadcom's strategy and is expected to become an important catalyst for promoting EPS and free cash flow enhancement.
M & A or will ease the confrontation between Qualcomm Apple
This heavyweight mergers and acquisitions in the technology industry may not affect the daily lives of consumers, but it will have a huge impact on another company, it is Apple.
Apple currently has some legal disputes with Qualcomm and has recently stopped using the latter's chips in its various consumer electronics products.However, HTC, Nintendo and Google are also using Qualcomm chips.However, Qualcomm recently because of disgusting commercial practices Which was scrutinized by the U.S. Federal Trade Commission (FTC). "Chris Caso, an analyst at Raymond James Equity Research, commented, 'While Qualcomm is in court On the arguable effort is to maximize the value of its intellectual property, but plans to acquire QUALCOMM Broadcom companies do not need these things - as an acquirer, it only needs to set a good price, so that after the acquisition of the company It is enough to provide a positive return on investment. "
"There is a closer partnership between Broadcom and Apple than the rivalry and litigation between Qualcomm and Apple," said Amit Delaner, an analyst at RBC Capital Markets. (Amit Daryanani) said in an interview with CNBC on Monday. "Broadcom might, therefore, logically think it would be easier for Broadcom than it is for Qualcomm to be, Solve the regulatory litigation between Qualcomm and Apple.
Anil Doradla, an analyst at William Blair & Co., also commented: "If Broadcom succeeds in acquiring Qualcomm, it opens up a whole new benign environment. Part of litigation will But the road between Qualcomm and Apple will still be full of thorns. "So it seems, once the Broadcom acquisition Qualcomm transactions can be reached - but it is said that Qualcomm's board will not accept Broadcom's acquisition of the offer - that may be All happy ending, Apple, Complaints against FTC Qualcomm companies and other companies will be able to protect themselves from Qualcomm litigation, start again to let go of the next generation of smart phones and other amazing devices.
What does the merger mean for the two companies?
Broadcom is the world's fifth-largest chip maker with Qualcomm third and behind Samsung and market leader Intel Corp. But once the Broadcom acquisition of Qualcomm is finally completed, the new company will become the industry leader in many areas.
Broadcom company specializes in wired communications, Qualcomm is focused on wireless communications, Broadcom and Qualcomm mergers and acquisitions if successful, it will bring a strategic plus one greater than two effects, wired + wireless, patent interoperability.In addition, the Qualcomm baseband chip, Broadcom can make up for the lack of business.
Particularly crucially, after the merger of Qualcomm and Broadcom, in the future, the main chip business of Apple and Samsung Electronics will be almost completely mastered in the hands of Double Communications. The resultant force of Double-Communications in the mobile field will surely be 1 + 1> 2. In addition, The arrival of 5G communications, the two sides will also enhance their merger strength in the area of 5G.
Want to know Qualcomm's annual general meeting of shareholders will be held in March next year, the company nominated the next director's work is expected to be carried out in December this year, I believe the will Will begin to take shape.